Hines, the international real estate firm, has acquired a prime retail asset in Barcelona from a private Spanish investor for €39.5m. The Arcs 10 asset is a 1200m² unit located on Calle Arcs, adjacent to Portal del Angel in the heart of Barcelona’s most prominent commercial and retail location.
The property is currently let to Barcelona-based international fashion retailer Desigual, which has occupied the space since 2007. Desigual was founded in Ibizia in 1984 and has become one of the largest fashion retailers in Europe and is now present in 42 countries across the world.
Jamie Rea, managing director, Hines Spain, said: “With the acceleration of economic growth, take off of retail sales and consequent performance of the High Street, Spain is an attractive market, where tenant activity is seen to be strongly improving, for both existing retailers in the market, and newcomers seeking to make a presence.”
Peter Epping, managing director, Hines Europe, and manager of the fund, said: “This acquisition helps to further grow the fund’s exposure to retail and expands its geographical reach across Spain. This is a market on which we will be placing considerable emphasis across our European platform this year, alongside further diversification of our asset class base.”
HECF is a Euro-denominated, Luxembourg-based investment fund set up in 2007. Managed by the Hines group, its aim is to build a large portfolio of commercial real estate across Europe.
Hines were advised by legal firm Ashurst LLP.
Source: Hines
